Socialism key terms 1: Core ideas & principles

Question 1

FRATERNITY

Answer 1

The bonds of comradeship between human beings

Question 2

CO-OPERATION

Answer 2

Working collectively to achieve mutual benefits

Question 3

CAPITALISM

Answer 3

An economic system organised by the market
>goods produced for profit
>wealth = privately owned

Question 4

COMMON OWNERSHIP

Answer 4

Of the means of production
>all are able to benefit from the wealth of society

Question 5

COMMUNISM

Answer 5

The communal organisation of social existence based on the common ownership of wealth